If the appraisal was that much lower than the sale price, there is something wrong on one side or the other....Speak to your Realtor and have them get you through this conundrum. Maybe you could meet somewhere in the middle....or better yet, come out ahead !!!... more

The value for a custom home is difficult to determine. The options are pay for an independent appraisal, cost per sq ft for replacement based on upgrades and overall quality of the home plus the land and utility cost.

Comparable pricing is difficult depending on the area and the comps available for that area.... more

Miacerda,
Your question appeared in WA, where you apparently currently live, but you are asking about Chicago. You may get better answers if you ask again in a Chicago thread.
Now, if you have $100k in cash and want to buy, your options are to spend just that much and take the best option available to you where you want to live, expand your search to areas where homes are less expensive that may not have the violations you are worried about or finance.
Conventional financing may not be an option for you if you can't source the funds. Other options may exist though, which could expand your range, provided you are willing to take on debt and are confident your income can support it. Ask your Realtor for a recommendation to a lender who does Portfolio loans and or hard money loans. The qualifications for these loans are different and you may find some allowance for your circumstances. The rates and fees may be higher than you see advertised for conforming financing, because you represent a greater risk then someone who can fully document their income.
I also want to go on record as saying these are options for you, not necessarily recommendations. For me to recommend these, I would have to know a lot more about your situation. Paying higher rates and fees and essentially putting your down payment at risk should be considered very carefully before proceeding.... more

You will need a minimum of 1 full year of tax return as owner operator and will need a history of being in the same line of work. You will also need around 6 months in reserves for all 5 properties. Feel free to contact me at tony.garcia@everbank.com if you would like to discuss in more detail.... more

I am both a lender & a real estate broker. If you want to contact me directly, I would be happy to discuss this with you.. In order to answer your question, I would have to ask you some other questions first.... more

Of course you can, & it is probably preferable as long as you have the 20% down payment so you can avoid the mortgage insurance that Homepath illiminates by raising the interest rates a bit. CAll me if you want to discuss all your loan options with me any time. I am a loan originator & a real estate agent. 206-841-9976... more

Hi, UTHorn. One more thing, underwriting is going to require your 1040's to determine your right-offs for these properties. If you're showing a net loss, that loss will be applied against your income. If you have mortgages on these properties and their part of the right off, the mortgage payments will not be applied against your income a second time.... more

Patty, It varies on who bought the house. But usually 20-30 days. I have a client in Centralia, WA that about a month ago was offered $1500 to move out in two weeks and $500 in a month; if they leave the the house... more